Credit Card Payoff Calculator: Minimum vs Extra Payments
Enter your card balance, APR, and how the minimum payment is calculated. Then set a fixed monthly payment to see how much faster you'll be debt-free and how much interest you'll save versus paying only the minimum.
Inputs
Most issuers use 1–3% of the balance.
Lower bound on the minimum (e.g. $25).
Must exceed the first month's interest to make progress.
Results
- Payoff at your fixed payment
- 46 months (3.8 years)
- Total interest (your plan)
- $3,011.78
- First minimum payment
- $120.00
- Payoff at minimum only
- 600+ months (balance remains at this minimum)
- Interest through cap (minimum only)
- $54,168.46 (interest through month 600 — total unavailable, balance not paid off)
Includes inputs, results, and schedule.
Payoff timeline (your fixed payment)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $1,135.31 | $1,264.69 | $4,864.69 |
| 2 | $1,425.66 | $974.34 | $3,439.03 |
| 3 | $1,790.26 | $609.74 | $1,648.77 |
| 4 | $1,648.77 | $163.01 | $0.00 |
How the payoff timeline works
Each month we charge interest on the current balance at APR ÷ 12, subtract your payment, and roll the remainder into next month. For the minimum-only scenario, the payment recalculates as max(floor, balance × minimum %) every month, which is why the payoff drags on for decades on a typical credit card.
Minimum payment vs fixed payment
A fixed monthly payment is the single biggest lever you control. Setting your payment to 2–3× the current minimum typically cuts payoff time and total interest by more than half. Use the calculator to try different fixed payments and see the tradeoff.
Avalanche vs snowball
Debt avalanche pays the highest-APR balance first and saves the most interest. Debt snowball pays the smallest balance first for a psychological win. Both work — pick the one you'll actually stick with, and use this calculator to model each card individually.
Frequently asked questions
How is a credit card minimum payment calculated?
Most U.S. issuers charge the greater of a small percentage of the balance (typically 1–3%) or a fixed floor like $25 — plus any past-due amount, fees, and interest. This calculator uses the percent-of-balance-with-floor model.
Why does paying only the minimum take so long?
The minimum shrinks as your balance shrinks, so most of each payment goes to interest and only a sliver goes to principal. On a $6,000 balance at 23% APR, minimum-only payoff often takes 20+ years and more than doubles the amount repaid.
What's the fastest way to pay off credit card debt?
Pay a fixed dollar amount every month — not the shrinking minimum — and target the highest-APR card first (the debt-avalanche method). Balance-transfer offers with a 0% intro APR can also accelerate payoff if you can clear the balance before the promo ends.
Should I stop using the card while paying it off?
Yes. New charges reset the calculation and can make the balance grow faster than your payments shrink it. Freeze the card or move it out of your wallet until it's paid off.